Power loss, in high RPM.

A full overhaul kit is $600-800.  Not sure how much work you do yourself, but having a professional do do it is probably an additional $1000-1500 depending upon what all the engine needs. So you're probably in for a Max of $2k.  But that gets you a 0 miles engine with warranty that should last you another 50 years depending on how you treat it.

Whoever does it, make sure they do it right. I've had it in this experiences some self-inflicted others sloppy job from an otherwise good mechanic I no longer use.

Let us know what ends up happening.

X2... "pennies" now is "dollars" later.  You'll probably spend ten years chasing the weak links out

Back in the day I honed and re-ringed an F head.  Within a year I dropped a wrist pin and lost the engine 

is the  engine supposed to start at all or why with throttle open?

IF IT'S THE RINGS SHOULD I ONLY DO THE RING AND HONNING THE CILYNDERS? or what would be the next step?

did a compression test and I'm at 

1 60

2 60 

3 62 

4 20 

so what's the next step??

I'm lost at this point.